Oliver always knew a mess when he stepped into it.
With the fed takeover of Freddie and Fannie, these are essentially treasury debt for the timebeing. They do plan to privitize these companies in the future and they will no longer be guaranteed by the fed. The overall concept is to create many fully privitized Fannies and Freddies so we'll never be forced to step in and save them. I have no idea how the GNMA bonds will look then but they won't resemble the implied government backing they had before.